There has been a fall in the amount of money being put into savings accounts by people throughout Europe, the latest figures show.

Over the third quarter of last year, household savings declined by 13.8 per cent, Eurostat, the statistical office of the European Union and the European Central Bank, revealed.

This is believed to be partly down to a decline in disposable income and the slow growth of wages throughout the continent, meaning people have less money available to set aside.

During the third quarter, the seasonally-adjusted saving rate among households stood at 11.5 per cent, compared to 11.9 per cent in the previous quarter.

Richard Talbot, director at Credit Action, recently suggested that younger generations in particular are recognising the need to put money in their savings accounts.

He emphasised that now credit is not so readily available, people need other means of ensuring they have access to cash.